In a number of very influential publications, Epstein and Hoover (among other authors) have recently argued that a thoroughly micro-foundationalist approach towards economics is unconvincing for metaphysical reasons. However, as we show in this article, this metaphysical/social ontological approach to the debate fails to resolve the status of micro-foundations in the practice of economic modelling. To overcome this, we argue that endogenizing a model—that is, providing micro-foundations for it—correlates with making that model more complex. Specifically, we show that models with (...) more micro-foundations tend to have more parameters or variables. This matters, as there are well-established methodological reasons for preferring models with fewer parameters or variables—ceteris paribus. We therefore conclude that, from a practice-based point of view, micro-foundations are only defensible to the extent that they significantly improve the ability of the relevant model to fit the data of interest. In this way, we arrive at a practice-based, methodological reconceptualization of the debate surrounding the need for micro-foundations in economics. (shrink)

The article realizes the analysis of B. Epstein’s social ontology. Social ontology is teaching on basic principles of constructing of social reality, founded on interdisciplinary and transdisciplinary strategies of investigations of the social world. There are five leading programs in contemporary social ontology: “CIIF-program” of J. Searle, “Cambridge program” of T. Lawson, “Tufts program” of B. Epstein, “critical realism” and “the other institutionalism”. “Tufts program” is one from them. Social ontology tries to make progress on clarifying all of these in (...) the context of specific topics: group intentions, laws, corporations, property, institutions, social groups. To begin an inquiry in social ontology, we need to choose which entities to work out the ontology of, that is, where to focus our attention in analyzing the social world. B. Epstein supposes his own model of re-conceptualization of framework of social ontology: two concepts play here a leading role, - “grounding” and “anchoring”. “Anchoring” and grounding”: these are two fundamental aspects to the building of the social world. Correspondingly, social ontology consists of two distinct projects. The grounding project is the inquiry into the conditions for the social facts to obtain. There are facts in the world are metaphysically sufficient reasons, - that is, grounds, - but it is more exact social facts of some kind. The anchoring project is the inquiry into what puts those conditions in place. Also it should be realized research concerning the grounding conditions for social facts. The last work of B. Epstein “The Ant Trap: Rebuilding the Foundations of Social Sciences” is devoted to criticism of ontological individualism in philosophical analysis of social knowledge. (shrink)

Standard defenses of ontological individualism are challenged by arguments that exploit the dependence of social facts on material facts—that is, facts that are not about human individuals. In this article, I discuss Brian Epstein’s “materialism” in The Ant Trap: granting Epstein’s strict definition of individualism, I show that his arguments depend crucially on a generous conception of social properties and social facts. Individualists, however, are only committed to the claim that projectible properties are individualistically realized, and materialists have not undermined (...) this claim. (shrink)